China top but Australia a big draw for wealth migration
Tags: New World Wealth
By Will Grahame-Clarke, 10 May 18
Australia will be a big beneficiary of global wealth migration according to a survey which ranks global private wealth centres.
The report by New World Wealth for Afrasia Bank, which measures total wealth instead of GDP, predicts China’s rich will be in “touching distance” of current leader the US within 10 years.
“Total wealth” refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities. Researchers exclude government funds from the figures but larger countries have an advantage due to higher populations.
Looking at total wealth and wealth migration together the survey also predicts:
China’s total wealth will grow 180% from $24trn (£17trn €20trn) to $69trn over the next 10 years. The US will grow 20% to $75trn.